Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
The ITAT Bangalore addressed unexplained cash deposits u/s 69A, focusing on the credibility of earlier withdrawals as a source for redeposits. The Tribunal examined fund flow and cash flow statements, presuming cash availability for redeposit. The assessee deposited sums during demonetization, providing bank account details, rent agreements, and rental income confirmation. The assessee explained using earlier withdrawals and tenant payments for redeposits, supported by the case of S.R. Venkataratnam. The Tribunal ruled in favor of the assessee, allowing credit for cash withdrawals and rental income towards bank deposits, deleting the addition for unexplained cash deposits during demonetization.
The ITAT Bangalore addressed unexplained cash deposits u/s 69A, focusing on the credibility of earlier withdrawals as a source for redeposits. The Tribunal examined fund flow and cash flow statements, presuming cash availability for redeposit. The assessee deposited sums during demonetization, providing bank account details, rent agreements, and rental income confirmation. The assessee explained using earlier withdrawals and tenant payments for redeposits, supported by the case of S.R. Venkataratnam. The Tribunal ruled in favor of the assessee, allowing credit for cash withdrawals and rental income towards bank deposits, deleting the addition for unexplained cash deposits during demonetization.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
